Valentina Cioli Ruben Fargion Alessandro Giannozzi Oliviero Roggi

The Determinants of IPO Withdrawals in the Italian Stock Exchange

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The aim of the paper is to investigate the firm-specific and market-specific determinants of the IPO withdrawals, after the filing of Borsa Italiana. This study is based on the Italian Stock Exchange and analyzes the quotation admission requests presented in the period 2007-2016. On a dataset of 52 planned IPO (15 withdrawals and 37 successful IPO), we run probit regressions to test the effect of each variable on the probability of withdrawal from the IPO process. Our findings demonstrate that the interest rates, the market sentiment and the government integrity exert a negative effect on the probability of withdrawal from the IPO. Two ex ante variables, such as the net profitability and the age of the company, exert respectively a negative and positive effect on the probability of withdrawal.


  • IPO
  • Withdrawal
  • Filing of Borsa Italiana
  • Market Sentiment
  • Probit


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